OTC`s Mark Jones Shortlisted for Entrepreneur of the Year Award

7th May 2003

Mark Jones , CEO of Online Travel Corporation (OTC)
has been shortlisted for the 2003 Ernst & Young Entrepreneur Of The Year Award for London.

Jones, who founded OTC
in 1998, is responsible for driving OTC`s pioneering business model, and continuing to develop the company`s portfolio of own-brand travel websites, its 80 partner sites - including FT.com, BT Openworld and Virgin.net - technology licensing to leading e-travel providers including OTC`s first to market Build-Your-Own solution, and furthering the company`s aggressive acquisition and expansion strategy.

Since the inception of OTC, Jones has presided over a company which has increased annual pro-forma sales from £10m in 1999 to over £100m in 2002.

In January 2003, the company announced positive EBITDA (Earnings Before Interest, TAX, Depreciation and Amortisation) of £2m before web development costs of £1.6m and exceptional items of £1m in its financial year to 31 October 2002. OTC generated a 48% increase in sales in the same period and aims to reach a 55% increase in its current financial year.

Mark Jones, commented: “The last few years have seen exciting growth for OTC, through the continued development of our innovative technologies, our brands and industry partners and our acquisitions.”


He continues: “I look forward to continuing to lead the company to optimise the demographic and geographic growth opportunities that exist in the
rapidly-changing travel industry, and am honoured to be shortlisted for such a prestigious award.”

The Ernst & Young Entrepreneur Of The Year is a regional, national and international annual award which identifies and recognises the achievements of outstanding entrepreneurs within successful growing dynamic businesses. 34 people have been shortlisted for the London award.


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